In June 2025, Bitcoin ETF recorded an inflow of 4 billion USD over 12 consecutive sessions, indicating strong institutional demand (CryptoQuant, BTC price ~$106,000, CoinGecko, 30/06/2025). However, the price of Bitcoin only increased by 3% as whales (those holding 1,000–10,000+ BTC) sold off an equivalent amount to the buying. Smaller wallets (1–1,000 BTC), mainly from ETFs and institutions, are accumulating strongly, while retail investors are distributing. #CryptoQuant noted that ETFs are replacing early whales, reinforcing Bitcoin's role in finance, promoting DeFi and blockchain.

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